Even as crypto has received flak from governments, banks, traditional ventures, and fund managers globally, Ehrsam is among a handful of long-term crypto believers who sees crypto technology enabling people to bypass centralized platforms to coordinate.

Bitcoin, Ethereum, Dogecoin, Binance Coin, Cardano, XRP, and many other top cryptocurrencies were seen struggling for the most part of the week. Bitcoin, for instance, had topped the $40,000 price mark on Monday following Elon Musk’s tweet on Tesla suspending vehicle purchases using Bitcoin, before it resumed its drop after Tuesday end of the day all the way to $33,432 on Sunday, as per CoinMarketCap. The market cap of all cryptocurrencies combined had also slipped under $1.4 trillion from $1.75 trillion on Tuesday.

As the crypto market continued to witness course correction, Coinbase cofounder Fred Ehrsam cautioned that cryptocurrencies and crypto assets won’t work ahead. “People are going to try all sorts of things. There’ll be millions and millions of cryptocurrencies and crypto assets, just like there were millions and millions of websites. Most of them won’t work,” Ehrsam told Bloomberg. A former Goldman Sachs trader, Ehrsam had left Coinbase – the largest crypto exchange in the US that went public in April this year – to start blockchain investment company Paradigm.

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“I go so far as to say that 90% of NFTs produced, they probably will have little to no